Cabinet Okays Rs12,450 cr recap of 3 PSU General Insurance Cos
The Union Cabinet on Wednesday approved capital infusion of Rs12,450 crore for three state run insurance companies - the Oriental Insurance Company, the National Insurance Company and the United India Insurance Company.
 
The approved amount also includes Rs2,500 crore infused in FY19-20.
 
In the last budget on February 1, the government had set aside Rs 6,950 crore for recapitalisation of the three public sector general insurance companies.
 
Experts have time and again sought capital infusion in the state-run insurers as they are undercapitalised.
 
The government also looks to improve the solvency ratio of these companies before merging the three entities to create a general insurance giant.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • Like this story? Get our top stories by email.

    User 

    Cabinet okays affordable rental housing projects for urban poor
    The Union Cabinet on Wednesday approved the development of affordable rental housing complexes (AHRC) for the urban poor or migrants.
     
    The complexes will be built under the Pradhan Mantri Awas Yojana - Urban and according to the government, will benefit 3 lakh urban poor.
     
    Under the initiative, existing vacant government funded housing complexes will be converted to ARHCs. Further, special incentives like use permission, 50 per cent additional floor area ratio or floor space indexand tax relief will be offered.
     
    The Centre estimates Rs 600 crore of expenditure in the form of 'technology innovation grant'.
     
    The initiative was announced as part of the Aatma Nirbhar Bharat economic package by the Finance Minister in May in view of the mass exodus of migrant labourers and the poor back to their villages from urban centres post the announcement of the nationwide lockdown.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • Like this story? Get our top stories by email.

    User 

    COMMENTS

    tillan2k

    2 months ago

    for study visit council housing of UK

    Cabinet Extends EPF Contribution of 24% for Another 3 Months till August
    The union cabinet chaired by prime minister Narendra Modi on Wednesday approved extension for the contribution, both 12% employees' share and 12% employers' share under Employees Provident Fund (EPF), totalling 24% for another three months from June to August 2020. This extension was given as part of the package announced by the government under Pradhan Mantri Garib Kalyan Yojana (PMGKY) or Aatmanirbhar Bharat in the light of COVID-19, a Pandemic. 
     
    For the wage months of June, July and August 2020, the scheme will cover all establishments having up to 100 employees and 90% of such employees earning less than Rs15,000 monthly wage. 
     
    This approval is in addition to the existing scheme for the wage months of March to May 2020 approved on 15 April 2020.  The total estimated expenditure for this is of Rs4,860 crore. Over 72 lakh employees in 3.67 lakh establishments will be benefitted.
     
    Salient Features:
     
    The salient features of the proposal are as under: 
     
    i. About 72.22 lakh workers working in 3.67 lakh establishments will be benefited and would likely to continue on their payrolls despite disruptions.
     
    ii. Government will provide Budgetary Support of Rs.4800 crore for the year 2020-21 for this purpose.
     
    iii. The beneficiaries entitled for 12% employers' contribution for the months of June to August 2020 under Pradhan Mantri Rozgar Protsahan Yojana (PMRPY) will be excluded to prevent overlapping benefit.
     
    iv. Due to prolonged lockdown, it was felt that businesses continue to face financial crisis as they get back to work. On 13 May 2020, the finance minister had announced extension of EPF support for business and workers for another three months or for the wage months of June, July, and August 2020.
         
    The steps taken by the government from time to time to ameliorate the hardships faced by the low paid workers are well accepted by the stakeholders, a release from Press Information Bureau (PIB) says.
     
     
  • Like this story? Get our top stories by email.

    User 

    We are listening!

    Solve the equation and enter in the Captcha field.
      Loading...
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email

    BUY NOW

    online financial advisory
    Pathbreakers
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 3 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)
    FREE: Your Complete Family Record Book
    Keep all the Personal and Financial Details of You & Your Family. In One Place So That`s Its Easy for Anyone to Find Anytime
    We promise not to share your email id with anyone